Crypto law firm Gresham advises against US presence, cites unfavorable regulatory environment
According to a June 6 press statement, cryptocurrency law firm Gresham International has advised cryptocurrency firms not to have a presence in the United States, given the state’s regulatory stance on the cryptocurrency industry. crypto slate.
“The United States has become unpredictable, and it has become clear that cryptocurrencies are unwelcome even to those who try to follow the rules.”
Gresham International said companies operating in the country should expect to fully register their securities or commodities, which would lift many of their international protections.
Citing the unfavorable regulatory environment, the law firm said it would no longer serve U.S.-based cryptocurrency companies. “For the time being, we will only maintain offices and teams for ‘backguard’ and ‘tier 1’ customers,” it added.
Legal system reform
In addition, the law firm “has seen a constant decline in the standard of legal and compliance work for clients who approach us using only US-based attorneys.” He added that the judicial system needs to be reformed.
Gresham International said:
“U.S. legal practice is often viewed as a low standard by international lawyers because of the limited training U.S. lawyers receive. If you do, you don’t even have to take the bar exam.Most American lawyers study law for a year after college, then pass a two-day exam to become a lawyer.”
The law firm is currently assisting in international proceedings for sushi following an investigation by US regulators.
Adverse regulatory environment
U.S. cryptocurrency companies operate largely under unclear regulations, with the U.S. Securities and Exchange Commission (SEC) adopting an enforcement-by-regulatory approach to the industry.
As background, financial regulators have filed multiple lawsuits against some of the country’s largest cryptocurrency companies, alleging they violated federal securities laws. Additionally, the Commission’s continued classification of some digital assets as securities has sparked strong reactions from the community.
Meanwhile, the U.S. Congress seems divided on emerging industries. While several Republican leaders are pushing for legislation to regulate the cryptocurrency industry, Democratic politicians seem to think: Adopted Anti-Crypto Stand.
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